The Federal Trade Commission warns of rising scam losses, urging consumers to protect their Social Security Numbers and be wary of suspicious requests.
The Federal Trade Commission ( FTC ), responsible for protecting American consumers, reported that consumers lost over $4.6 billion to scams in 2022, a 21% increase from the previous year. In 2023, losses from bank transfers and cryptocurrency surpassed all other methods. The median loss per person was around $500. Email remained the primary contact method for scammers, with many impersonating businesses or government agencies.
Adam Levin, chairman and founder of CyberScout, emphasizes the importance of safeguarding your Social Security Number (SSN). He advises consumers to be cautious about revealing their SSN, verifying the legitimate need for it, and exploring alternative identification options. If sharing is necessary, ensure robust security measures are in place to protect personal information
FTC Scams Consumer Protection Social Security Number Identity Theft
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